SolarCity and Honda Team Up on Solar Financing Enterprise

by Antonio Pasolini on February 21, 2013

Solar energy company SolarCity and automaker Honda have joined forces to increase access to solar power for their customers. The partnership establishes an investment fund to finance $65 million in solar projects to assist Honda and Acura (Honda’s luxury division) customers with the initial cost of solar power installation. Millions of Honda and Acura customers and hundreds of dealerships in SolarCity’s 14-state service area may be eligible for the special offer. SolarCity and Honda expect to be able to accommodate thousands of interested homeowners in the fund.
Electric vehicle owners are more likely to embrace alternative energy so the partnership could give them the push they need. Honda and SolarCity will explore opportunities to integrate solar power and electric vehicle recharging, paving the way for a future scenario when Fit EV and Accord Plug-In Hybrid owners will be able to charge their cars from the power of the sun, therefore making their EV experience even more sustainable.

The partnership will make it easier for customers who want to switch to solar to do so, as it eliminates upfront costs, depending on the plan they choose. They will be given a choice to pre-pay for their solar electricity or pay a monthly payment that will be lower than the cost of their current utility bill, with insurance, repairs and monitoring service included.

Energy efficiency is also in the cards. In addition to offering affordable solar power, the partnership will help customers make energy-efficiency upgrades, such as weatherization and more efficient heating and cooling. These measures can further reduce home energy consumption.

“By making it easier and more affordable for its customers to use clean power, Honda is reinforcing the fact that solar is the new normal,” said SolarCity CEO Lyndon Rive. “This is an unprecedented partnership–few companies have made a more substantive or comprehensive commitment to environmental responsibility than Honda.”